According to BlockBeats, on June 15th, Cryptoquant analyst Darkfost released a market analysis stating that macroeconomics has become the dominant narrative in today's cryptocurrency market. Therefore, key indicators such as the US dollar index (DXY) and the yield of US treasury bond bonds have been closely watched by investors, which reflect the overall situation of institutional sentiment and global liquidity. When DXY and bond yields rise simultaneously, capital often withdraws from risky assets. In such an environment, Bitcoin usually experiences a pullback. Historically, bear markets in cryptocurrencies have often coincided with strong upward trends in yields and DXY.
On the contrary, when DXY and returns lose momentum, investors' risk preferences will shift towards risky assets. These periods are typically associated with monetary easing or market expectations of a Fed rate cut, driving bullish sentiment in the cryptocurrency market. What is striking in the current cycle is the abnormal decoupling between Bitcoin and bond yields. Despite reaching one of the highest levels in Bitcoin's history in terms of returns, Bitcoin continues to maintain an upward trend, especially accelerating its rise when DXY falls. This anomalous phenomenon indicates a structural shift in the role of Bitcoin in the macroeconomic landscape, with Bitcoin increasingly being seen as a means of storing value. This new narrative may be redefining the way Bitcoin responds to traditional macroeconomic forces.
